Many banks are lowering lending rates.

SGGPO 26/05/2023 16:21

Following the State Bank of Vietnam's (SBV) further reduction of the policy interest rate by 0.5%, effective from May 25th, many commercial banks have begun lowering lending interest rates.

ACB has just increased the size of its 3% interest rate reduction credit package from VND 20,000 billion to VND 30,000 billion.

On May 26th, ACB announced it would be expanding its preferential loan interest rate package, increasing its size from VND 20,000 billion to VND 30,000 billion for corporate and individual customers, with a maximum reduction of 3% in interest rates compared to the standard rate schedule.

This is considered a positive response from ACB among joint-stock commercial banks to support economic recovery after the State Bank of Vietnam lowered interest rates. Previously, at the end of February 2023, the bank also offered a preferential loan package worth 20,000 billion VND, of which an additional 2,000 billion VND was allocated to Ho Chi Minh City for the bank-business connection program, with 80% already disbursed.

Mr. Tu Tien Phat, General Director of ACB, said: "Having been allocated credit limits at the beginning of the year, we have proactively arranged capital sources to implement preferential loan packages to support customers in carrying out their business plans. With this continued expansion, ACB hopes to share more of the financial pressure with customers in the context of a still challenging market. ACB continues to maintain a policy of reducing interest rates by 0.5% to 2% for existing customers whose loans are due for interest rate changes, with the specific reduction based on the level of use of domestic and international payment services at ACB."

Vietcombank is also implementing its second interest rate reduction, effective from May 1st to July 31st, expected to benefit approximately 110,000 customers with outstanding loans totaling 700,000 billion VND.

"When deposit interest rates are uniformly reduced, lending interest rates will naturally decrease accordingly. Vietcombank is closely monitoring the situation and will promptly implement a round of interest rate reductions to ensure that it meets the needs of the economy and the people, as well as better supports overall development," a representative from Vietcombank stated.

Mr. Pham Nhu Anh, General Director of MB Bank, also stated that with the current market absorbing capital very weakly and the economy being unstable, reducing the policy interest rate will contribute to supporting both customers and banks in the coming period. Currently, MB is allocating VND 120,000 billion in low-interest credit packages to meet customer needs and support them during this difficult period.

According to Mr. Anh, MB has recently reduced interest rates to support disadvantaged customer groups with a total amount of up to 500 billion VND, prioritizing them as requested by the Government and the State Bank of Vietnam. In addition to the credit packages currently being implemented, MB will have new policies to support customers in the coming time...

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